TRG Pakistan manages to trim down annual losses by 30%

MG News | October 11, 2018 at 10:07 AM GMT+05:00

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October 11, 2018 (MLN): Annual consolidated losses for TRG Pakistan have dropped by a significant margin of almost 30% for the year ended on June 30^th 2018, mainly due to improved revenues and reduced Depreciation, amortization and other non-cash costs.

TRG’s Board of Directors meeting took place yesterday, during which the company’s financial earnings for the year were reviewed and compared with the prior year.

According to the financial report issued to the PSX earlier this morning, TRG made 36% higher revenues during the year, leaping up from around Rs.36 billion to Rs.49 billion, a change of Rs.13 billion.

However, since payroll and related costs jumped by Rs.8 billion, acquisition expenses hiked by around Rs.2 billion and other operating costs reported a rise of almost Rs.2 billion, the optimistic contribution made by increased revenues was cancelled out.

Fortunately, reduced depreciation, amortization, other non-cash costs and finance cost provided some relief to the company by bringing down losses from Rs.9.6 billion to Rs.6.7 billion on a year-on-year basis.

The company’s basic and diluted losses per share reduced by 33% as well, slipping from a loss of Rs.8.03 per share to Rs.5.38 per share.

Consolidated Profit and Loss Account for the year ended June 30th 2018 ('000 Rupees)
	Jun-18	Jun-17	% Change
Revenue	49,056,553	35,990,660	36.30%
Other operating income	217,297	436,825	-50.26%
Payroll and related cost	34,738,867	26,285,206	32.16%
Acquisition expenses	4,150,509	2,479,996	67.36%
Depreciation, amortization and other non-cash costs	3,879,812	5,930,624	-34.58%
Other operating costs	11,273,304	9,700,216	16.22%
Loss from operations	(4,768,642)	(7,968,557)	-40.16%
Finance expenses	(1,975,882)	(1,719,815)	14.89%
Loss before taxation	(6,744,524)	(9,688,372)	-30.39%
Income tax (expenses)/income	(28,900)	46,939
Net loss for the year	(6,773,424)	(9,641,433)	-29.75%
Basic and diluted loss per share - Rupees	(5.38)	(8.03)	-33.00%

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